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​​​EUR/USD, EUR/GBP and GBP/USD stabilise ahead of FOMC, post lower UK CPI

​​​EUR/USD, EUR/GBP and GBP/USD stabilise ahead of FOMC meeting, following weaker-than-expected UK inflation data.​​

GBP Source: Bloomberg
Forex Pound sterling United States dollar GBP/USD EUR/GBP Euro
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD stabilises ahead of Fed meeting 

EUR/USD trades back above its 55-day simple moving average (SMA) at $1.0855, having on Tuesday dipped to $1.0835 before stabilising. While this low underpins on a daily chart closing basis, the medium-term uptrend remains intact.

Minor resistance is seen at the 22 February $1.0888 high.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

EUR/GBP continues to be range bound

EUR/GBP remains above its 2024 downtrend line at £0.8538 but is still being capped by the 55-day SMA at £0.8554. Above it sits Monday's £0.8562 high, near the £0.8573 to £0.8578 key resistance area. It will remain in sight while the cross stays above its £0.8524 to £0.8514 support zone on a daily chart closing basis.

A rise and daily chart close above £0.8578 must occur for the 200-day SMA at £0.8606 to be back in focus.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

GBP/USD is trying to regain recently lost ground

GBP/USD's probably corrective move lower from its March eight-month high at $1.2894 has taken it to the September 2022-to-March uptrend line which offered support on Tuesday. Above it meanders the 55-day SMA at $1.2688. A daily chart close above Tuesday's candlestick hammer formation high at $1.2733 would have bullish implications.

Minor resistance can be found around the $1.2775 mid-March low.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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